India's 2023 urea imports fall 21% on year amid jump in domestic production: S&P Global Commodity Insights
- IBEF
- March 1, 2024
In 2023, India experienced a notable 21.3% year-on-year decline in urea imports, totalling 7.41 million tonnes, attributed to increased domestic production, as S&P Global Commodity Insights reported. The country's domestic urea production witnessed a substantial 13.4% rise, reaching 31.11 million tonnes in 2023 compared to 27.43 million tonnes in the previous year. Presently, India operates four fertilizer plants, and the government's initiative to establish the fifth, Talcher Fertilisers Ltd, set to commence operations in September 2024, is anticipated to enhance self-sufficiency in fertilizer production further. The upcoming plant boasts a production capacity of 3.85 million tonnes per year of urea.
According to the report, India's urea availability and sales in 2023 demonstrated a consistent growth pattern, with availability increasing by 3.65% from 39.71 to 41.16 million tonnes and sales showing a 3.25% uptick from 36.91 to 38.11 million tonnes. This steady rise in sales underscores the significance of bolstering domestic production for the country's fertilizer needs, aligning with the broader goal of fostering self-reliance in the sector.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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